Things just keep getting worse at Countrywide. If it wasn’t for the employees that would be affected I wouldn’t mind seeing them take a big tumble.
Some Countrywide Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles.
The lawsuit, filed in U.S. District Court in Santa Ana, seeks class-action status and names as defendants Countrywide Chairman and Chief Executive Angelo Mozilo and benefits committee members in charge of the retirement plan, according to attorney Steve Berman, who is representing the plaintiffs.
He said employees decided how much of their salary to set aside in their retirement plan based in large part on their understanding of the company’s financial health.
But those overseeing the plan failed to warn workers or intentionally concealed key information, the lawsuit claims.
It sounds to me like the party is just starting.
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